Cash use has been on the decline in Australia, where strong contactless payments uptake has seen notes and coins used for fewer low value transactions, Reserve Bank data shows.

UBS analysts recently suggested that the country should follow India’s lead and phase out high-value notes as a way to tackle crime and boost tax revenues.

Citi customers can still make deposits through the Australia Post network and Copelin says that there are no plans to close branches, which are still an “important component of how we serve our high-net worth customers”.